Verve Group - ID-less targeting solutions

Verve Group is emerging as a strong adtech player, with particular strength in mobile and growing positions in connected TV (CTV) and digital out-of-home (DOOH). The recent Q324 update showed a further sequential quarterly increase in top-line organic growth to 31% as its ID-less advertising solutions build traction in the market. Comparatives now start to toughen, but we have edged our FY24 revenue forecast to the top of management’s guided €400–420m range, delivering adjusted EBITDA in the upper half of a €125–135m range. We now publish our first thoughts on FY26, showing further good growth. Despite a substantial re-rating from €1.03 at the start of the year, the valuation remains at a discount to (mostly US-based) peers, with parity...